The end of the financial year is fast approaching, and right now, an incredible opportunity exists to minimise your taxable income by investing in your business.

For the first time, the Federal government is offering Australian businesses the chance to immediately write-off multiple asset purchases to the value of $150,000.

“This is a great prospect for anyone thinking of making business purchases in the next six months,” says AGM Director, George Morfoulis. “If possible, pushing that purchasing forward and capturing it in this financial year could be quite beneficial. Because come July, this incentive will be gone, and the asset threshold will revert to $1,000.”

This unique opportunity is part of a stimulus package worth nearly $18 billion. The original asset write-off scheme increased from $1,000 to $20,000 then $30,000 before being boosted five-fold to a staggering $150,000.

“Businesses with profits of approximately $150,000 can essentially make purchases to the value of $150,000 and pay no tax,” explains George. “Business investment opportunities like this do not come around often.”

Record-low interest rates and an array of Low Document (low doc) products make this prospect even more appealing.

To qualify for low doc finance with terms of up to 5 years:

• Your ABN has to have been active for a minimum of one year;
• You need a clear credit history; and
• At least one company director must own property.
• If a property is not owned, a minimum 20% deposit or equivalent trade-in is required.
• No financial statements or tax returns are required; early exit is available.

At AGM Finance, we aim to provide our clients with low doc finance results in only 24 hours, ensuring you don’t miss an opportunity to purchase the right equipment for your business.

Our buying capacity as Australia’s leading truck finance broker gives us access to lower rates through more lenders than a personal application can access.

Our network of more than 30 low doc lenders ensures we get you the best rate every time.

Assets covered by this stimulus package include:

• Trucks
• Trailers
• Motor vehicles
• Agricultural equipment
• Industrial equipment
• Earthmoving equipment
• Material Handling Goods
• Construction Equipment
• IT Equipment
• Medical Equipment

Deductions can be claimed on new or second-hand assets, as long as they have been used or are installed and ready to use, before June 30.

These assets can be purchased in Australia or overseas, and importantly, the cost of the asset includes the purchase amount and the cost of transporting or installing it for use.

Should the item be used for both personal and business purposes, the percentage of business use is applicable to claim for depreciation.

For example, if purchasing a motor vehicle that is used 30% of the time for private use, you would be eligible to claim 70% of the expense.

The GST cost of the item is covered by the stimulus package, assuming your own business is registered for GST.

To received tailored finance solutions for your unique business circumstances, contact our team of finance specialists today.

They can provide you with an obligation-free quote and ensure you capitalize on this very limited opportunity before it expires on June 30. Call 1300 664 687

During this uncertain period in time, many Australians are facing financial instability and immense pressure to keep their business afloat.

To provide relief during this global crisis, lenders are working in conjunction with the government to support those suffering financial hardship caused by COVID-19.

At AGM Finance, the best truck finance in Australia, we are working to provide you with convenient access to that support.

What support is available to you?

If your business and livelihood have been impacted by COVID-19, lenders are allowing for temporary deferment of your loan repayments.

This deferment option is different from the deferment option available during a “normal” hardship period.

Usually, the amount of money owning in arrears would need to be paid back in entirety after the deferment period.

For many clients, this would mean their payments could double over the three to six-month period directly after their hardship.

Uniquely, COVID-19 related deferments would not be due for repayment until the end of the loan.

This means your loan will take three to six months longer to pay off (including with accrued interest), relieving the immediate stress on your business.

How long can I defer my loan?

For the major banks, a loan can be deferred for up to six months. However, smaller lenders are unable to defer payments for a blanket period and are instead using a month- by-month application process.

What are the implications?

For the duration of the deferral period, interest and charges will continue to accrue at the agreed rate and time on any outstanding balances and add to the total loan balance.

This means that the total amount of interest payable will be more than it would have been under the original contract term.

AGM Finance is here to help.

As always, our goal is to assist you through good times and challenging times.

If you need support, contact our team and ask about making a deferment application.

Once your request is received, we will phone you back within two hours to provide you with personalised advice.

Together, we can go through your loan commitment schedule and prioritise which debts can be deferred, and which can remain.

We can then approach lenders on your behalf to arrange your application.

For those smaller lenders who need to handle deferments month by month, we will work with them month by month, allowing you to focus on your business and the health of you and your families.

Can I still apply for a loan during this period?

Absolutely. Not all Australian businesses are suffering financially because of COVID-19.

If you are in a position to grow your business or expand your equipment range, lenders are still processing applications, and we are always here to help you achieve your business goals.

For advice and support, contact our team today on 1300 664 687.

Thank you and stay safe.

The End of Financial Year is when truck purchasers who have been going back and forth about acquiring another vehicle.

Truck dealers falling over themselves to clear stock and give their business figures a major knock. June is generally the smash hit month for car dealers.

Mid-year deals typically mean you can get another truck or vehicle for a lower than ordinary drive away cost.

On the off chance that you need to purchase a couple of days before the end of the month, truck dealers are additionally ready to twist around in reverse to make a deal to get rid of old stock.

Purchasing another truck at the correct time can pay off

Purchasers who get the truck dealer at simply the correct time can spare hundreds or even a huge number of dollars on their new-auto exchanges.

Standard way of thinking expresses that the best time to purchase is toward the end of the year, when merchants are marking down vehicles to meet their yearly deals objectives.

It’s actual: Buying toward the end of the date-book year is shrewd. Be that as it may, there’s no assurance that a year-end deal will yield the best arrangement on each new-truck model.

Furthermore, not each purchaser can stand to hold up. Luckily, keen customers can get great arrangements throughout the entire year utilizing the same rationale that drives year-end deal costs.

That implies seeing how truck dealers work, then hitting them when they’re most on edge to bring deals to a close.

Almost all vehicle or truck deals comes with a commission, be it a rate of the deal value or a level rate for each vehicle.

That is the reason the year-end methodology works for purchasers.

Notwithstanding when deals are solid in the initial 11 months of the year, truck merchants push in to meet or surpass their objectives.

Obviously, deals experts don’t hold up until December to offer vehicles and meet objectives.

They buckle down during the time to transform customers into purchasers, and their transient deals objectives can be pretty much as gainful to purchasers.

In Season

Another good time to purchase a truck is when new-display year vehicles are moving into inventories.

This year, purchasers may get an alluring arrangement on the latest truck model vehicle.

Now and again, truck dealers will even have the past model year in stock.

In any case, the window for purchasing is generally little, and not all customers can stand to hold up.

So hit the dealership at whatever time interest is low – even on a blustery or cold day.